Highlights
• Gross earned premiums up by 4.9% in local currency terms (4.3%
in DKK terms) to DKK 17,323m
• TrygVesta acquires Moderna Försäkringar in Sweden for a total amount of DKK
810m
• Technical result of DKK 2,384m against DKK 2,820m.
The reduction was mainly attributable to higher claims and wage inflation
• Combined ratio of 89.1 against 86.1
• Gross investment return of DKK 1,258m, or 3.5%, and a negative net
investment return of DKK 988m due to equity price falls
• Pre-tax profit of DKK 1,347m against DKK 3,109m in 2007
• Profit after tax of DKK 846m against DKK 2,266m in 2007
• Return on equity of 9% in an otherwise extreme investment year
• Dividends of DKK 6.50 are proposed for the 2008 financial year. No share buy
backs are planned based on the year's results
Highlights for the fourth quarter of 2008
• Earned premiums up by 5.2% in local currency terms (1.4% in DKK terms due to
depreciation of NOK and SEK relative to DKK)
• Strong fourth quarter performance with a gross claims ratio of 66.4 against
68.6 in the same period of 2007
• Technical result of DKK 517m despite costs of DKK 133m related to The Living
House
• The Corporate business area in particular contributed positively to the
technical result
Due to the economic downturn, premium growth for 2009 is expected to be 4% in
local currency terms against the previous expectation of around 5%. The
combined ratio is expected to be 91-93 before run-off and the pre-tax profit is
expected to be DKK 1.8bn with a return on equity of 14-16%. The outlook is
negatively impacted by the low interest rate and NOK.
TrygVesta hosts a webcast and teleconference on Tuesday, 3 March 2009 at 9:30
CET. Please call +44 208 817 9301 or +45 70 26 50 40.
